on the crypto
MicroStrategy CEO Michael Saylor says there's a reason Coinbase is currently gaining around 1 million new users and nearly $ 10 billion in digital assets every week.
“This direct listing will be a wake-up call for institutional investors, financial advisors and investment banks around the world. #Bitcoin Rises ".
Saylor made these remarks in an interview with CNBC's Squawk Box, emerging market expert Amy Butte. Butte said Bitcoin technology combined with Coinbase's public listing news represents a real breakthrough in financial services. He also said that innovation is evident, especially in the past three months which have seen a strong influx of investment from financial institutions.
"Institutions, even in the last 3-4 months, have really come into play and companies have come and said hey, I need cryptocurrencies as part of my treasure."
Coinbase will be available on April 14, nearly 4 months after officially announcing its intentions in December 2020. At the time, the popular US cryptocurrency exchange was valued at around $ 25 billion with a total trading volume of around $ 320 billion. dollars.
However, by mid-March 2021, Coinbase's valuation was estimated at around $ 68 billion. This valuation is based on the quarterly average share price that Coinbase cited in its filing with the US SEC.
The latest assessment now estimates that Coinbase is conservatively worth between $ 19 billion and $ 230 billion, indicating that despite the enthusiasm, institutions are still considering the volatility risk associated with the cryptocurrency industry.
Coinbase recently announced its result for the first quarter of 2021 and its forecast for 2021. The exchange reported that it had verified 56 million users, had 6,1 monthly active users and owned 11,3% of the share. total cryptocurrency market of $ 223 billion with approximately $ 122 billion of total assets coming from Investors institutional.
Total trading volume was $ 335 billion, total revenue was $ 1,8 billion, net income between $ 730 and $ 800 million, and adjusted EBITDA of approximately $ 1,1 billion.
"We also expect significant growth in 2021, driven by transactions and custody revenues given the growing institutional interest in the crypto asset class."
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